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Legal factors

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INTRODUCTION Legal Environment refers to legal systemobtaining in a country. The legal system of acountry thus refers to the rules, or laws, theregulate behavior along with the processes bywhich the law are enforced and through whichredress for grievances is obtained.

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1) DIFFERENT LEGAL SYSTEMS Common law system- it is based on tradition, judgment made, and usage in the court assign a position to existing cash flow of guide dispute resolution. Civil Law System- it is based on systematic and extensive codification of law.

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 Theocratic Law system- this law system relies on religious and spiritual principles to define legal environment. Customary Law System- this law system anchors itself in the wisdom of daily experience or great spiritual or philosophical traditions.

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2). DIFFERENCES IN CONTRACT LAW Common law v/s Civil Law- Common law system have the advantage of greater flexibility and allow for judges to interpret a contract dispute in light of prevailing situation. Civil Law had a common law system may be back fire or vice-versa. CISG(Convention on Contracts For International Sale of Goods)- main aim of CISG is to settle a contract of dispute between seller and buyers.

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3). PROPERTY RIGHTS Private Action- it refers to theft, piracy, blackmail, and like by private individual or groups. Public action and corruption- property rights occurs when public officials such as politicians, extort income or resources from property holder.

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4). PROTECTION OF INTELLECTUAL PROPERTY AND ITS REGULATIONSo IP refers to product which is intangible, that is computer software or the chemical formula for a new drug.o Intellectual Property includes Patents, Copyrights, Trademarks, etc.o It differs from country to country because every country have its different rules and regulations.o Paris convention for the Protection of Industrial Property, signed in Paris, France on March 20, 1883. by 96 countries for the protection of intellectual property.